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1、ARTICLEINPRESSENEECO-01763;NoofPages9EnergyEconomicsxxx(2009)xxx–xxxContentslistsavailableatScienceDirectEnergyEconomicsjournalhomepage:www.elsevier.com/locate/enecoDoeconomic,financialandinstitutionaldevelopmentsmatterforenvironmentaldegradation?Evidencefromtransi
2、tionaleconomiesa,⁎,B.BhaskaraRaobArturTamazianaSchoolofEconomicsandBusinessAdministration,UniversityofSantiagodeCompostela,SpainbSchoolofEconomicsandFinance,UniversityofWesternSydney,Sydney,AustraliaarticleinfoabstractArticlehistory:Severalstudieshaveexaminedthere
3、lationshipbetweenenvironmentaldegradationandeconomicgrowth.Received27January2009However,mostofthemdidnottakeintoaccountfinancialdevelopmentsandinstitutionalquality.Moreover,Receivedinrevisedform15April2009Stern[Stern,D.,2004.TheriseandfalloftheenvironmentalKuznetsc
4、urve.WorldDevelopment32(8):1419–Accepted18April20091439.]notedthatthereareimportanteconometricweaknessesintheearlierstudies,suchasendogeneity,Availableonlinexxxxheteroscedasticity,omittedvariables,etc.Thepurposeofthispaperistofillthisgapintheliteraturebyinvestigati
5、ngthelinkagebetweennotonlyeconomicdevelopmentandenvironmentalqualitybutalsoJELclassification:O13financialdevelopmentandinstitutionalquality.Weemploythestandardreduced-formmodellingapproachP28tocontrolforcountry-specificunobservedheterogeneityandGMMestimationtocontrol
6、forendogeneity.Q53Ourstudyconsiders24transitioneconomiesandpaneldatafor1993–2004.OurresultssupporttheEKCQ56hypothesiswhileconfirmingtheimportanceofbothinstitutionalqualityandfinancialdevelopmentforenvironmentalperformance.Wealsofoundthatfinancialliberalizationmaybeha
7、rmfulforenvironmentalKeywords:qualityifitisnotaccomplishedinastronginstitutionalframework.Environmentaldegradation©2009ElsevierB.V.Allrightsreserved.EconomicdevelopmentFinancialdevelopmentInstitutionalqualityEKC1.Introductionshouldultimatelyleadtomajorshiftsinecon
8、omicstructureandoutput.RecentlywhilethereissomeevidenceofdecliningenergyAkeypolicyobjectiveofinternationaleffortstomitigatetheconsumptionintheseeconomie
